2007-03-25 12:13:31 · 6 answers · asked by tonio 2 in Business & Finance ➔ Personal Finance
No! That's your retirement money: don't touch that!!!
2007-03-25 12:17:09 · answer #1 · answered by Rose 3 · 2⤊ 0⤋
Absolutely not! Not only will you owe taxes on any amount you withdraw, but you'll ALSO owe a 10% penalty!
If your debt is high and your interest rates are high, why don't you try to get a debt consolidation loan? If you aren't able to get a conventional loan, you may be able to get a loan from your 401(k), with no tax implications as long as it's repaid.
2007-03-25 22:56:40 · answer #2 · answered by figment_usa 5 · 0⤊ 0⤋
You will likely get less than half the balance after taxes and penalties. Then later in life you will calculate how much it would have been worth and kick yourself if you cash it out!
You are also likely to discover that if you use such an 'easy' fix for debt, you will replace your old debt with new debt and you'll have no savings to bail you out next time!
2007-03-25 19:37:56 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you cash out early you will pay a penalty as well as taxes. Best to let 401k grow for retirement.
2007-03-25 22:48:53 · answer #4 · answered by kubota 1 · 1⤊ 0⤋
No the taxes will kill ya and you will regret it for life.
2007-03-29 11:32:28 · answer #5 · answered by Pepper 6 · 0⤊ 0⤋
depends on how much what the interest rate is.
2007-03-25 19:21:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋